Tuesday, April 13, 2010

Insurance News 13.04

According to the Wall Street Journal, General Motors will increase its annual sales in China to three million vehicles by 2015. This is just the latest evidence that China’s automotive market is growing faster than that of the U.S.

China overtook the U.S. last year as the world’s largest auto market with the help of government incentives, the Journal reported. China’s vehicle sales rose nearly 50% to 13.6 million last year.

While auto liability is compulsory, drivers aren't required to purchase coverage that protects personal interests. The state isn't concerned with how someone replaces their vehicle or pays personal medical expenses that result from their actions.

Antagonists may counter that banks require collision coverage. But the banks aren't government. Banks are lien holders with vested interests in the collateral. Thus borrowers are required to protect their vehicles. Once loans are repaid banks have no interest in the vehicles and the insurance requirement disappears.

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The company and its chairman, George Joseph, have donated more than $7.2 million to state political campaigns in the past decade. In 2009, Mercury donated $13,000 to the gubernatorial campaign of Attorney General Jerry Brown but has not donated to Poizner's campaign for governor.


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